Prime Global Retail

Market Update - Canada

"As summer quickly approaches, across Canada the third and most devastating wave of the pandemic has brought many cities and suruban communities to a standstill. Despite this, there is much to be optimistic about. The world’s three largest luxury multi brand houses, LVMH, KERING, and Richemount furthered their commitment to Canada with announcements throughout the pandemic they will be opening more brick and mortar across the country. Ikea announced their first Urban format store in Canada, with their parent company acquiring 132,000 sf retail podium at the base of Canada’s tallest building in the heart of downtown Toronto. The JD Group is launching a country wide expansion, furthering their commitment to North America. JD Group has made over $1.3 billion acquiring three retailers in the U.S in the last 24 months. Sephora announced plans to add 50 new stores in the next 2 years. Forever 21 announced they be returning to Canada next year. Miami based, luxury multi brand retailer will open their first location outside of the U.S in Toronto later this summer. U.K based Dover Street Market announced it will open in 4 Nordstrom Stores. There is an expectation of a surge in domestic travel this summer, and the beginnings of some international travel by the fall. "

Jordan Karp